When the median homes price is low for any given area, there are many potential causes that are unrelated to true home values. For instance, during a slow market, or season, most sales may occur in the entry level range of homes. Just because a large number of fixer uppers, foreclosures and mobile homes have sold during a given period does not mean that the average family home has lost substantial value. It means that most buyers are looking for low end properties. Again, the median sales price reflects a trend, not the value of any particular home.

Similarly, when a high number of upper end home sales occur in a particular area, that does not mean that prices have gone through the roof. It simply means that more people have bought higher end homes.

Do not, however, ignore median home price trends. If most sales are on the lower end of the spectrum, that generally means there’s less competition for mid-range and luxury homes. For example, if there are 20 homes on the market in the $300,000 price range, and 2 buyers per month purchase a home in this price range, then it will take an average of 10 months to find a buyer, given that all of these homes are of the same general quality. Those who need to sell will reduce the prices on their homes, or improve the value. The best valued homes will sell first. The least valued homes may not sell at all. Sellers must compete for buyers.

In a recovering market, where most entry level homes have already sold, there’s generally a push to move upward, into a more substantial home. Many families have either outgrown their home, or have made improvements over time and would like a better home. This increases the demand for mid-range and luxury homes, and is an indicator of the market heating up. When selling a mid-range or luxury home, after this point and before the peak of the market is the best time to sell for those who plan to downsize, or rent. In contrast, if your plan is to move up to a larger home in the same area, a slow market may offer better opportunities as most buyers are competing for entry-level homes. You’ll have greater bargaining power if you’re moving into higher price range.

Another commonly used measurement of market trends is the Average Sales Price. This is where the total dollar amount of sales is divided by the number of homes sold. This can be skewed as well. If, for instance, the multi-million dollar mansion in town that sells every 20 years or so is sold during a given period, the average home sale price will be very high.

Several factors can have a very distinct effect on the value of homes in a given market. Employment and incomes have a direct influence on home values. High employment increases value. High income levels increase values even more. As you’ve always heard, location has a direct influence on value. Homes by the ocean, lakes, mountains, and many urban developments are often in greater demand and command more value. Where location is the driving influence, everything counts: excellent schools, low crime, desirable locations and neighborhoods.

To get a realistic idea of the value of your home, a real estate agent will conduct a Comparative Market Analysis (CMA). This will compare your property to homes that have already sold. This is important because you may need this information if an appraiser comes up with a lower figure for the value of your home. In a CMA, your property will also be compared to similar properties that are currently on the market. This will give you substantial insight into the properties your home must compete with.

If you’re looking to get a true reflection of your property’s market value, contact a Realtor. Realtors rarely charge for a Comparative Market Analysis when you’re looking to put your property on the market. If the price meets your needs, and fits into your plans, your agent can usually get your property on the market very quickly.

New Hampshire has low tax rates. There’s no employment tax, and sales taxes are related to dining and lodging. In our area of the White Mountains, check our list of Mount Washington Valley property taxes by town to determine what it would cost to live in a private residence.

If you love the 4 seasons, they’re spectacular here in the White Mountains. Many people work throughout the northeast and vacation in the White Mountains with the hopes of either moving or retiring here someday. It’s definitely an enviable location and environment with clear air, clean lakes and rivers, and the type of scenery they makes you feel alive.

In most of these towns, the crime rate is extremely low. Some towns don’t even have a local police station, relying on neighboring towns and county sheriffs instead.

And life expectancy? We live forever up here. Must be something in the relaxed pace, the mountain air, and the beauty we find throughout the entire area. Yes, it’s a fantastic place to retire. Retirees would be wise to invest their money in New Hampshire real estate.

1) Best Time of Year to Put Your House on the Market
Conventional wisdom dictates that spring is the best time for selling a home.  The weather is getting warmer, the school year is coming to an end, and people who have just received their tax refunds may now have extra cash to use for a down payment on a home.  However, since not everyone can sell a home in the spring, here are some other seasonal factors to consider. According to annual home sale data from the National Association of Realtors, the slowest selling months of the year are typically January and February, since fewer home sales occur during the holidays.  In spite of this, with less competition in the marketplace, you may be able to ask for a higher price for your home, or a quicker closing.  Additionally, temperate locations like Florida and California don’t see the seasonal fluctuations in the housing market, where house-hunters are almost always looking.  And a late winter or early spring in the Northeast may extend the typical “selling season.”  These seasonal variations, as well as a variety of local factors, will all influence the housing market in your area.  Be sure to talk to your real estate agent regarding the current state of the market and how it will affect the sale of your home.

2) Open House Strategy and How to De-Clutter
At an open house, first impressions count, so you’ll want to enhance your home’s perceived value. Make your home inviting by taking care of bothersome minor repairs; clean bathroom and kitchen counters and clear them of dishes and clutter. Arrange storage areas neatly and put unused items in a closet. If you have pets, consider having a neighbor watch them for the duration of the open house. It’s a good idea for you to be absent during the open house, also. If you must be present, let your agent do the talking.

Decorate your home to sell by arranging the furniture to look as spacious as possible. Add color and fragrance to any room with fresh flowers. Lastly, don’t forget the outside of your home. Put away all gardening equipment and neatly arrange outdoor items like firewood or furniture. Even take a hard look at your mailbox and make sure it reflects the value and character of your home.

3) Features to Accentuate
While you may have long determined which aspects of your home you love, having a fresh set of eyes assess its best features is a smart idea. If you’re considering selling your home, take the time to walk through it methodically with your real estate agent. Together you can determine which features of the home should be accentuated.  Does your home have a wonderful view? Make the most of it by sprucing up window treatments and arranging furniture to draw the eye toward the windows. Perhaps the location of your house is truly incredible. Your real estate agent can help accentuate this feature in sales and marketing materials.

4) Desired Price and Bottom Line Price
It’s great to shoot high, but when determining your home value, it’s also important to identify your bottom line. By assessing recent home sale statistics in your area, your real estate agent can recommend an appropriate target price range. Working with your agent, you can set an initial asking price, as well as privately determine the absolute lowest price you would comfortably accept for selling your home. By crunching the numbers and setting parameters early on, you can avoid emotional rollercoasters during the process of receiving, countering and accepting offers.

5) Disclosures
When selling your home, you may be obligated to disclose problems that could affect the property’s value or desirability. In most states, it is illegal to fraudulently conceal major physical defects in your property, such as a basement that floods in heavy rains. And many states now require sellers to take a proactive role by making written disclosures on the condition of the property. Ask your real estate agent for the particular laws of your state.

North Conway Real Estate-now on YouTube!

Coldwell Banker Real Estate recently launched an innovative branded YouTube™ channel designed to offer consumers a new way to search for and interact with real estate information and listings.  Named Coldwell Banker On Location (www.youtube.com/coldwellbanker), the channel was created to more fully tap into the power of video for real estate search and discovery, and to drill deeper into the local insights that consumers want.
To create On Location, Coldwell Banker Real Estate closely collaborated with both YouTube, a Google subsidiary, and Google to develop a customized framework and user experience – offering what is arguably one of the most comprehensive and immersive brand channels on the YouTube platform.  On Location is the first branded YouTube channel to use dynamic IP lookup to search for videos, which automatically serves up local results when visitors first hit the site.

An Emphasis on Video and Local Content

Two areas of strategic focus set Coldwell Banker On Location apart from other real estate Web sites.  First, it showcases the power of video to bring real estate more vividly to life – offering behind-the-scenes looks at towns and neighborhoods, smart tips and timely news on real estate topics, and video listings of homes for sale.  Second, content posted to On Location has a strong emphasis on local information and insights, so consumers can dig deeper into the areas of the country that interest them most.
Supporting this highly localized perspective is one of the more unique aspects of Coldwell Banker On Location – the ability to search for videos through a special map feature that has been developed specifically for the site.  The map ‘widget’ is a prominent feature at the top of the On Location site and the main starting point for consumers searching for a home, a specific area of the country or more information on a real estate topic.
At launch, Coldwell Banker On Location will be the first YouTube brand channel to use dynamic IP look-up, so visitors to the site will automatically be shown video search results from their own area / zip code.  Then by clicking the link “Browse By Map,” consumers can enter the city / state or zip code of their choosing – which will immediately pull up all videos posted to On Location associated with that area.  These video results are displayed as icons on the map.
Each search will return a wide range of video results, including video listings, spotlights on that local community and Coldwell Banker sales associate/representative profiles.  Consumers can click through to view specific videos – as well as connect back to the main Coldwell Banker Web site to learn more about a specific property for sale.
“Video is a critical part of how today’s consumers want to explore real estate, and we intend to use it to an extent never before seen in our industry,” said Jim Gillespie, president and chief executive officer, Coldwell Banker Real Estate LLC.  “On Location provides an exciting new platform for our vast network of thousands of sales associates to directly share the kind of local insights and knowledge that is invaluable to consumers hoping to learn about a new area.”
Gillespie noted that the site will appeal to a broad range of consumers.  “You might be a first time homebuyer deciding between a few different towns in your area, someone about to relocate across the country, a Boomer thinking ahead to where to retire, or simply a person who’s dreaming about your ideal home.  No matter what stage you’re at in your life or the real estate process, On Location has the insights you need served up in an exciting new format,” he said.
“Coldwell Banker On Location is about building the Web’s richest array of real estate video content that is also the richest in local insights,” said Michael Fischer, senior vice president of marketing, Coldwell Banker Real Estate LLC.  “It’s the combination of these two missing pieces of the puzzle that make this site so exciting.  In addition, Coldwell Banker Real Estate is the first in the industry to put the full power of its brand and network behind a tool that represents the future of real estate – the video listing.”
“Every month, millions of people search on YouTube for real estate content,” said Sam Sebastian, Classified and Local Advertising Director at Google. “Consumers are hungry for real estate-related videos. I’m thrilled that Coldwell Banker is developing such a substantial innovation for real estate video. I look forward to seeing Coldwell Banker build On Location into one of the most active destinations for real estate search, discussion and engagement.”

It extends the company’s already robust social media strategy, which includes Facebook pages for the brand and its two founders, Colbert Coldwell and Arthur Banker, a Twitter feed (www.twitter.com/coldwellbnkr) and profiles on Flickr and FriendFeed.

In addition to using YouTube as a platform, Coldwell Banker Real Estate is using the Google family of ad networks and channels for promotion of On Location.  This includes both Google and YouTube search ads, YouTube banner promotions and Google TV.

To learn how Coldwell Banker Wright Realty leverages these cutting edge technology tools to help you buy or sell your home visit our North Conway NH Real Estate website or see a video about Coldwell Banker On Location please visit:  http://www.youtube.com/watch?v=W1AKZDhUrLY

Before you begin making repairs to the exterior of your home, you may want to analyze your home from a distance. Look at your home from across the street and try to pinpoint the best and worst qualities of the property. As you walk towards your home, try to make note of both your first impressions and any elements that stand out. When looking at your home from the exterior, you may also want to compare its appearance to other homes in the neighborhood. While you may feel as if you know the details of your home intimately, this step can help you think like a potential buyer and assist you in maximizing the curb appeal.

When it is time to get to work, you should approach the exterior of your home in the same way you would a bedroom or kitchen. Just as you wouldn’t want a prospective home buyer to see dirty dishes in your sink, you want to make sure the front of your home is as attractive as possible. While the chores associated with maximizing curb appeal will differ from home to home, the following are the most common and effective methods of enticing potential buyers indoors for a closer look:

•    Paint – Perhaps the most effective of all pre-sale repairs, a simple coat of paint to the exterior, doors and shutters can make your home appear well cared for and in good condition. When painting the exterior of the home, you may also want to consider if new door knobs and other hardware could boost the appearance of your home. If you don’t replace any of the metal on the exterior of your home, polishing brass hardware and cleaning or painting iron fences can also give your home a fresh look.

•    Lawn – There are a number of landscaping tricks that may improve the curb appeal of your home. First, the lawn should be mowed, raked and edged. Next, try to thoroughly weed all planter boxes, trim larger plants and include some extra flowers near the front of the house. If any large trees hang over your home or obscure the view from the street, you may want to cut away some large branches. You may also want to consider investing some extra money into landscaping by hiring professionals to make your front yard as attractive as possible.

•    Windows and Gutters – Much like the fresh paint applied to the exterior, taking time to clean the windows can certainly change the appearance of your home. Likewise, try to keep your rain gutters free of leaves and debris as you never know where a potential homebuyer might look.

•    Driveway – If you have an old, cracked driveway, hiring a professional to reseal the surface can add to your home’s curb appeal. If the driveway rests in direct sight in front of the home, this step can become even more important.

•    Lighting – As potential homebuyers could drive by your property at any time, you want to make sure your home is inviting at night. By installing a street lamp and a front porch light – both of which should match the style of your home – you will dramatically boost your home’s 24/7 curb appeal. If you anticipate potential homebuyers coming onto the property after dark, calm lighting that lines the driveway and path to the front door can put your visitors at ease.

•    Pressure Clean – This process can be applied to both the exterior of the home and the driveway. Just one treatment can eliminate years of dirt, mold and mildew from your property.

If you need to improve the curb appeal of your home before putting it up for sale, the best tool could be your ability to think like a buyer. By repairing or minimizing your property’s flaws and drawing attention to key selling points, you may be surprised by the responses you receive from potential homebuyers.

The staff at Coldwell Banker Wright Realty writes select articles about important topics related to real estate. For more information about buying a home or selling your current property, visit WrightRealty.com today!

The Official North Conway NH Real Estate Website!

For more than 30 years we have served the real estate needs
of our neighbors and customers in:

Albany NH | Bartlett, NH | Brownfield Maine | Conway NH | Denmark Maine
Eaton NH | Effingham NH | Freedom NH | Fryeburg Maine | Gorham NH
Hales Location NH | Harts Location NH | Jackson NH | Madison NH
Ossipee NH | Conway NH | North Conway NH

SHARETHIS.addEntry({ title: “Protecting your Privacy when your NH Home is on the market”, url: “http://blog.wrightrealty.com/north-conway-nh-home-privacy/” });

As a result of a direct final rule published in the Federal Register, income limits will change effective April 20, 2009. The existing income limit structure will be revised for the Single Family Housing Guaranteed Loan Program (SFHGLP). Instead of eligible adjusted income limits based on households ranging from 1-8 persons, a two tier income structuring consisting of a 1 – 4 member household and a 5 – 8 member household will replace the 1 – 8 person structure. The present add on limits for larger households will remain the same.

What this means is that more buyers will be able to take advantage of this great program!

In Carroll County, for a 1-4 person family, the income limit is $84,100. For a 5-8 person family, the income limit is increased to $111,000. The increases are substantial, especially since a lot of NH home buyers are in this range.
The Rural Development Guaranty Program allows customers to purchase a home with no down payment, no monthly mortgage insurance, and the seller can contribute up to 6% of the sale price, which is usually more than enough to pay the closing costs!

Before we can look forward we have to look back, even if we would rather not. During the first two months of this year, fewer than 1,000 residential units were sold and year-to-date sales volume ($214 million, not including condominiums) was half of what it was three years ago.  Condominium sales volume ($39 million) was 70 percent lower than in 2006.

Whatever the weather, this could turn out to be the coldest winter on record for New Hampshire Realtors.  We can only imagine how bad it must be in other states where the economy is in so much worse shape than it is here in the Granite State.

Our state has by far the lowest unemployment rate in New England (See Chart above) and one of the ten lowest rates in the nation.  Our state also has the fourth highest index of economic activity, according to the Federal Reserve (See Chart II).  The problem, in terms of consumer confidence, is that these indicators of the substantially better economic conditions here in New Hampshire are unknown, except for a few savvy real estate investors.

Tables I and II at the end of this piece show the county level details of home sales from NNEREN for the first two months of this year.  But the last column on Chart I also shows a very important indicator: the ratio of median home value to median household income.

Historically that number, which is one measure of general housing affordability, has usually been at 4.0 or below.  When it rises above 4.0, too many buyers are not able to purchase a home.  When it returns to 4.0 or below, it signals a time when many more potential buyers will think that a home they would like to buy is within their reach.

Potential buyers, however, must also have some level of confidence that better economic times are in the near future.  And lenders need to feel more confident, too.  So far, that confidence has not shown itself.  But early believers in its imminent return will be able to buy one, or maybe even two, very reasonably priced homes.

What is important to keep in mind, however, is that the median sales price figures in tables I and 2 are very heavily influenced by foreclosed and short sales.  While it is true that home foreclosures are less than one percent of all owned homes in New Hampshire, they can be, and often are, a much larger fraction of all sales in a county, particularly when there are so few transactions.  This distorts the perception of home values.

—By Peter Francese

Determining the value of home can be sometimes a difficult task for a buyer. Just as there are many factors that can impact a home’s value, the details and potential success of your offer also rely on several pieces of information. If you are thinking about buying a home, you may want to consider the following tips to gain a better understanding of property values. By utilizing these recommendations and discussing the findings with your agent, you might be able to not only find the best house for your money, but also a home that surpasses all of your expectations.

1. Investigate Locally

When searching for a new home, many prospective homebuyers start by checking local listings. After the search is narrowed down to a few neighborhoods of interest, walking or driving through these areas can give you a better idea of overall neighborhood quality. As you narrow your search, it might help to attend a few open houses in the local market to gain an understanding of pricing trends and witness how much interest is being paid to the homes already for sale.
In the early stages of shopping for a home, it can also be helpful to have your agent perform a Comparative Market Analysis. This report will show you the past sales prices of homes in the area and allow you to contrast those statistics with the current homes for sale.

2. Get behind the numbers

After you have compared the list prices of the homes you are interested in with other homes that have sold in the area, there are a few assessments of value you may want to consider. The most telling estimate of a home’s value will be a professional inspection.
Another statistic that will provide you an estimated value of a home is the assessed tax value. However, as the assessed tax value sometimes doesn’t take into account the amenities of a home, upgrades to the property or the nuances of the housing market, this value can vary from a professional estimate. Work with your agent to compare the details of your appraisal and the assessed tax value, taking into account all of the home’s amenities and any issues of particular importance to your family – including such factors as the quality of the neighborhood, local schools and even how the home matches up to your long-term goals.

3. Think about the market

When trying to determine the value of a home for sale, it might also help to consider the status of the overall housing market. First, take into account national trends and determine whether it is a “buyer’s market” or a “seller’s market.” Next, compare the local housing market to the national trends, considering both the neighborhood of the home for sale and a broader geographical region incorporating the surrounding city or other nearby communities. It is quite possible that a particular area may not be affected by national market trends, creating for instance a small seller’s market within a broad buyer’s market, or vice versa.

4. Pay attention to the details

Besides looking at local and national housing trends, there are a few more issues that can affect the value of a home and the details of your offer. First, you and your agent should find out how long the home has been on the market. It is believed by many that if a home has been for sale more than 30 days, sellers are often more motivated to sell and are more receptive to lower-priced offers.
In addition to the time spent on the market, you and your agent should also try to find out if there are any additional factors that could motivate the seller for a quick sale. For instance, if the seller has already purchased another home or is relocating to another state, you may receive a better response to your offer sheet.
After taking all these factors into account, you and your agent should be able to determine both the market value of the home and the right amount to bid if making an offer. Furthermore, the more you take the information you’ve gathered into account, the better you will be able to prevent potentially overbidding – which, of course, costs the buyer more money – or underbidding – an error that could discourage a seller from further negotiations.

Lastly, try to remember that the process of ascribing value to a home is not an exact science. Each time a house is sold on the open market the sales price will represent careful negotiations between the buyer and seller, with all of the factors here taken into account by each party. Therefore, above all else, the right home should not only represent a good value when analyzing appraisals and various market factors, it should also be the best value for you and your family.

The staff at Coldwell Banker Wright Realty writes select articles about important topics related to real estate. For more information about buying a home or selling your current NH propertycall toll free 800-447-2120 or browse all of the homes in the North Conway NH real estate market. We are here to help.

The annual 50 state check up done jointly by the American Public Health Association, The United Health Foundation and Partnership for Prevention ranked New Hampshire #3 among the 50 states for the healthiest place to live with the nation’s smallest percentage of children living in poverty.

The #1 state was neighboring Vermont state for the second year in a row.

Check out AmericanHealthRatings.org to see how your state stacks up!

The Official North Conway NH Real Estate Website!

For more than 30 years we have served the real estate needs
of our neighbors and customers in:

Albany NH | Bartlett, NH | Brownfield Maine | Conway NH | Denmark Maine
Eaton NH | Effingham NH | Freedom NH | Fryeburg Maine | Gorham NH
Hales Location NH | Harts Location NH | Jackson NH | Madison NH
Ossipee NH | Conway NH | North Conway NH